tv Cavuto on Business FOX News March 17, 2012 10:30am-11:00am EDT
doesn't use linkedin. >> brenda: and neil is next. erin-- >> and what, china playing a dangerous game of chicken. and more proof if we needed that if you do business with china, you're doing it on a, well, a chicken wing and a prayer. because the chinese government is now cracking down on mcdonald's for allegedly serving kicken wings 90 minutes after they were cooked. the rules apparently say that there is a half hour limit. and this is the same china that last year literally shut down some wal-mart stores because, well, they supposedly mislabeled organic meat. and mcdonald's and wal-mart and lead aside they were poisoning our animals and contaminated games for kids, i digress, this pretty much says it all. and charles payne, adam
lasinski, charlie gasperino, i don't know, charles payne, i think we're having a little bit of an at this ti tit for ta what they'd done is put 100% tariff on chicken the feet. apparently chicken feet in the beer, nothing better than fried chicken feet, they call them paws there. >> neil: the free information on basic cable. >> you've got it. this is how the trade wars begin. >> neil: don't you find the timing weird. when we went down to the precious resource stuff that goes into plasma screens and a few days later, the chicken. >> absolutely, this is what i'm saying. we have to understand where we pick our wars, i mean, listen, he we don't have the guts to call them on currency manipulator. don't have the guts to go after the intellectual property that they steal so it boils down to chicken feet in mcdonald's and solar panel.
>> it's not that, it's power, they finance our government in some ways, they're the-- they're going to call the shots in a lot of these. >> in other words, we're afraid to call out our banker. >> or else the banker will stop lending. >> i'm a believer they need us as much as we need them. >> neil: i agree with that. we're afraid to recognize that reability. >> and the debt, the largest foreign creditors to the u.s. they're not going to do anything that drive down the price of the investment. make waves just like with mcdonald's and wal-mart on the privilegery. because going after one mcdonald's restaurant is the like, is going after more than 100-- >> and that's now. listen, and. >> the chinese mcdonald's and-- >> talking about the currency part and debt. once a time when mortgage backed securities were triple-a and they were considered money good. i'm not saying the u.s. is where the mortgage backed
security market is now, but you know, it doesn't take a rocket scientists to figure out five years from now, maybe the, the currency of choice and the bond of choice is-- >> well, adam. here is what i'll-- a couple of things struck me, one, eating chicken wings after 90 minutes and any of the things i go to new york it, that's been sitting there for days. >> and stir it up, stirring the pot. >> neil: but that, in other words, it's a flimsy excuse, a very flimsy excuse to go right back at the united states and say, we can play this game, too, but to what end? >> well, this calls to mind, the days when the japanese would hold up american cars at the tariff staying and say, the bumper is 17 inches, but it can only be 16.7 inches and you can't bring this in. the kind of stuff that the chinese are doing right now.
neil. i agree with dagen, they need us as much as we need them. if our companies stop using china to move the products, the economy would collapse. and by the way, we've called them out. >> not this administration, not this information. >> and every six months. >> and doing their best. chicken feet in beer and he won't call them out. >> so much you can do. >> could you do this very-- >> you know, could i-- say what you want about geithner and all of these guys, they are he' acting rationally, we don't have that much power. >> i disagree, i disagree, when you come-- you of all people. >> they're in the drivers seat. >> neil: you work out like four hours a day. >> two. >> neil: at least. that's more than i've worked out in my life. the bottom line, you take no fools. so, i think you've got to be on offense to this.
when we're afraid to cause a dust up. and you're always going to be on defense and i think that dagen-- i'm not done, making a profound point. (laughter) >> we don't recognize we're in the driver's seat and they have a surplus and risk at that surplus if they ignore us. you are mr. be on offense and now you're-- i'm going to be careful. >> i agree largely what you say. to say that, we're in the driver's seat in this relationship is insane. this he finance our growth in government. >> we gave them that growth. >> we gave it it to them. >> we gave some of it, but they still are a net safer. >> we account for 90% of their surplus, that's impressive. >> we are their best customer. >> no, we're 90% of their best customer. charles payne, i'm looking at that. >> and you don't-- >> they're 70%, they buy 70% of our bonds. >> and that's-- >> maybe a different kind of guts then.
maybe we didn't run trillion dollar deficits and-- >> yeah, maybe if we had, maybe if we squeezed the belt a little bit we can come out really with the kind of-- >> no, i think we should make a peace offering. >> send, like five day old chicken wings. (laughter) >> pigs feet and pickled pigs feet. my point is, they can squeeze one mcdonald's restaurant, but they have what, more than 1300 mcdonald's in the nation that the country-- the people of china and the leadership, they're not stupid. they know that they can do it, they can just go after one restaurant, but they're not going after the whole chain because they want those businesses in that country operating. >> neil: adam? >> look, and we're not stupid either. we have trade actions against the chinese all the time. we've had actions on steel and the other products that charles mentioned and we're trying. the good news is, this is a trade war, not a war. it's very normal course of diplomatic business and it's a good thing. i think we should be happy
about that. >> i don't know why we should be happy about the fact that we run these massive deficits and then we have to kiss their rear ends all the time because we do. >> that's our problem and it has to do with the chinese. >> and they're right that we're in the pickle we're in because we don't know how to run our-- >> it's cheapened our knowledge, oil and gas more expensive and put orselves in this predicament. part of that predicament, the spending at that we've done and that's the-- and i think that charles, that china's got to wake up and realize the more you push, we can shove. >> well, they don't-- they're calling our bluff. and they the president's budget. >> chicken feet. >> and they actually were net buyers and they were buyers of treasuries in january for the first time in six months, first time in six months, so they're back in, full bore, investigation in treasuries. >> they didn't. the rates will go up. >> they did not boycott us for a year, back buying on in january. there you go. >> turn to dagen, she'll explain to you, why it's
unlikely. >> in the details, and-- >> i don't want to miss that incredib incredib incredible discussion between the two. >> did any of you see this. some teachers in louisiana protesting education reforms walking out by kids in the classroom. i kid you not. the gang from forbes saying it's another example of a union power grab gone wild. coming up at the top of the hour. joe biden telling a union audience at white house is all about supporting the private sector, some of you wondering, why so many things publicly contradicted that. m so glad t. just to be able to wake up in the morning on your own. that's a big accomplishment to me. i don't know how much money i need. but i know that whatever i have that's what i'm going to live within. ♪ ♪
>> live from america's news headquarters, i'm juliet huddy. a high honor for an american soldier abroad. former four star general david petraeus knighted in holland. he's recognized for service to the netherlands and especially acknowledging time as commander of international courses in afghanistan.
the first american general since world war ii to receive this honor. the man at the center of what may be the last nazi war crime criminal trial, excuse me is dead. 90-year-old dying a freeman in a german nursing home appealing his conviction for nearly 30,000 counts of accessory to murder as a nazi debt camp guard and he lived and worked for years in the u.s. and retired auto worker, and when he was deported to germany from ohio in 2009 to face charges. and the family says he died of natural causes. i'm juliet huddy, now, back to cavuto on business. you >> we're about promoting the private sector and they're about promoting the privileged sector. >> and he may say it's so, but the facts might be saying something else. vice-president joe biden claiming that the white house is all about helping the private sector, but did you catch where the veep was making that speech, in front of members of the united auto
workers in toledo, ohio. just another stop in a recent white house tour of union shops. here is something else that won't stop. the growing mountain of government regulation and major ones since the president took office, costing the economy more than 46 billion dollars a year, according to one conservative group. it seems more like the private sector is taking a public flogging. and charles payne, what do you think. >> they are he' taking an economic flogging, a verbal flogging and dodd frank, obamacare and nlrb yet. it's amazing, the only reason they're keeping the private sector afloat is so that they can loot the private sector for biden to say that is outrageous. >> and joe biden, i guess plagiarized a speech way back when from a socialist-- >> neil kinic. >> and this is the guy telling us all about how, you know,
that they're so in favor of the private sector. and this, it's almost unspeakable. it's a joke, right? >> dagen? >> i meant labor pared by the way, neil kinic. and what is astonishing, when he's talking private sector, talking to a group of workers that would not have jobs without the government. it's very clear with this administration, they aim to punish real private sector success and believe in the power of government and the good of government. but this is not-- these are just, this is a business, these are businesses in the auto industry, that would not be-- that got bailed out by the government, instead of truly supporting private business, that succeeds or fails on its own merits. >> adam? >> well, first of all, to my male colleagues on the panel. i don't think we add to the civil discourse in the country when we talk about looting private companies or when we
bring those references to 25-year-old speeches. >> the flowery language, what's involved-- >> adam, adam, you should know that whenever, whenever president obama's economic advisors go to the private industry people in private meetings or public meetings they get shouted down. that happens all the time and there's a reason for that. >> be that as it may, i-- >> and that's why he's at a union rally. >> i will point out that these union employees, i assume at a united auto workers plants, companies that do work in the-- people who do work in the private sector. yes, they were bailed out longer story, but they're not working for government. they're not a government agency. >> adam, i think-- i'll give you a technical okay on that, but then, why was the president or the vice-president there, always visiting union shops, you don't hear them proudly say, here i am at a right to workshop, here i am at a right
to work, state. i mean, if you like, if you like, if you like americans having jobs, you really shouldn't care whether they're union jobs or not. but you only go to the union job plants. >> except, except when he went to solyndra and got the jumped all over for the-- >> i wonder why. free enterprise. that's a private sector jobs and i'll tell you the reason why, adam. here is a short even why, i've done reporting on this. when they go. i have no problems with unions, my dad was a union guy, i like private sector unions-- >> you said this is the short. >> when they go before business people, they get shutted down. >> who gets shouted down. >> the administration, austan goolsbee, valerie garrett. and bill daley had to go with his tail between his legs, they get shouted down. >> neil: and bully, aggressive-- go ahead, adam. here is what the democrats have right and wrong. a good political talking point
that the republicans are so concerned with keeping tax rates as low as possible, for the wealthiest people, what the democrats have completely wrong, is that they need to listen to the republicans on lowering corporate tax rates, that would be good for the private sector and be good for the economy. they know that, and i don't think they have the-- >> but. >> buy into the rest of his plan. got to buy into the rest of his crazy tax-- did you read that corporate tabs plan? it doesn't need what you need to do. lower the rates, plug the loopholes. it basically picks winners and losers. >> adam, i'm going to quibble with you on point you said that the republican party residential wants to keep tax rates low for wealthier mesh ii americans, they want tax rates low for everybody in the country including the businesses in the country. >> and by the way, adam, family of four in new york city, that makes $200,000 a year, not exactly rich. not exactly a billionaire or millionaire. >> they're not going to make a
policy based on the family of four of new york city. >> when you demonize them, cop and school teacher, living in long island, an as a millionaire or billionaire. >> neil: bottom line, adam. four against one. did any of you see this? (laughter) . >> and the real skinny on that. [crying] >> he's not weeping because he lost the girl. those are tears of joy. the coverage of the 2012 election, primaries in illinois. we're going on at 7:58. why? because we like that number and we're not counting just the votes, the poll closes a couple of minutes later, and overseas market and reactions to this and also gauging our futures trading and how they're reacting to this. you know, other networks would say, oh, man, this economy most important election of our lifetime. they're running commercials and reruns of 60 minutes from
another network, from what idz. when i think nixon was in office. be that as it may. we're all free to do what we want we think this is important to you. meanwhile, what is that? you still don't get fbn? >> demand it! >> demand it. you've got it. you've got to do it. charles and i will go up to your cable operator's house and actually he'll get out of the car. (laughter) . >> neil: just our luck that we have chuck. because this guy is taking credit, getting these guys to drill more oil. and why someone here says this will keep holding drivers over a barrel. man: 1939 -- my parents ran across an ad for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america.
they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right, i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years. >> coming up. new york shi senator
>> saudi arabia declared it will build oil gas as a result of the iran oil embargo. >> theck it out. taking a victory lap at taking credit for pushing saudi arabia to get more oil. this week, what do you make of it? >> what the chuck? what is he doing? he is applauding saudi arabia imported oil and he has proposed his own legislation in the past to remove tax breaks for oil companies in this country and then would use the money to drill and
explore for more oil. he is champions saudi arabia and attacking our own oil companies? >> not a fan. >> two points. giving that much control to the saudies. i can't imagine thatment and the other thing is. it just shows that the democrats will do anything to talk it down. they believe it is a huge election issue for the republicans. >> don't they have drilling here? >> and on the west side. we can't drill ourselves it. and we get saudi arabia to drill it out. >> and keep it as the boogie man . then they are working on to this. when gas prices hit $4 they go after the speculators and oil companies. >> i would never want to argue with you. you really.
>> i just don't. >> adam? >> oil production is up 20 percent. >> oh, god, adam. >> we are drilling more and we should drill more and encourage the saudies to drill more. and drilling more part, you know in your heart of hearts is not really going on. it is a reflection of the prior contracts and economic contracts. >> no, it is not. >> the figures up a fraction of what we need? you mention fraking. we are anywhere close to fraking . leaving aside your bias to the administration. you know they don't believe it. it is all green and all wind and solar and all of this nonsense. >> leaving him speechless. i want to thank charl yedagen.
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